When you’re ready to buy real estate, it’s time to assess your needs and wants and separate your likes and dislikes. Your home will be one of the biggest investments of your life, so you want to make sure you’ve done your homework and made the right decision. Single-family homes and condominiums are the two favorites among most real estate buyers, with many people choosing the condominium for its easy maintenance. However, just as there are many benefits to condo living, there are also Home Owners Association (HOA) rules and regulations that must be followed. What type of property is right for you?

1. Condominium ownership typically costs less than a single-family home purchase relative to size and location.

2. HOA regulations do not allow reconfiguration of outdoor units and many interior modifications must obtain HOA approval.

3. The HOA is responsible for the upkeep of your property, which includes upkeep of the units, common areas, and parking structures. This is good news for the busy condo dweller, who doesn’t have to worry about yard work or exterior maintenance. In addition, most interior repairs will be covered by your association.

4. The HOA may enforce a pet policy to exclude animals or limit your residence by size, weight, and the number of pets you wish to have. Prospective buyers should have a written HOA pet policy document prior to signing the contract to purchase the unit to ensure that all of your beloved pets are welcome.

5. Condominium units do not provide the same privacy as a single-family residence, and some units offer a patio, balcony, or nothing at all for outdoor living spaces. Larger condominium properties may contain a community picnic or barbecue area that is available and covered by HOA fees. However, many HOA fees do not cover private use of the property’s clubhouse and will bill the resident for a private party.

6. Not all multi-story condominium complexes have an elevator. If you’re considering buying an upper floor, be sure to ask about an elevator or if you’re ready, willing, and able to carry your purchases up the stairs.

7. HOA companies can host a community meeting to better serve their residents. This is an excellent platform for you to express your opinions and suggestions to make your condominium complex a pleasant place for everyone. Express your compliments or concerns about maintenance calls, dues and membership fees and anything else that can bring you a better quality of life. Your HOA is there to serve you, so be sure to provide them with quality resident feedback.

8. Compared to a single-family home, the condo may have little storage space. Check with the manager about communal storage units which can be a garage locker or shed. Storage facilities are not always included in HOA fees, so there may be a nominal charge for their use.

9. The condominium unit will have at least one common wall, and some owners may feel their privacy is being invaded. Residents must also obey HOA rules for noise reduction and show courtesy to neighbors.

10. The single-family home offers a greater sense of freedom to do what you want, but requires more maintenance and budget for the maintenance of the property and your taxes. The condo is governed by the HOA, and while it may seem intrusive at times, it can ease the financial burden of housing and provide its residents with a carefree lifestyle.